會計保守性、研發支出與現金持有

Accounting Conservatism, R&D Expenditure and Cash Holdings

陳以林(I-Lin Chen) ； 陳欣妤(Hsin-Yu Chen)

《管理學報》 34卷2期 (2017/06) Pp. 257-275

https://doi.org/10.6504/JOM.2017.34.02.06

摘要

本研究探討會計保守性 (accounting conservatism) 對研發支出與現金持有之影響。相較於資本支出，研發支出之風險較高且發生大額損失之機率亦較高，因此會計保守性認列損失較認列利益為早之特性可能會使經理人較不傾向增加研發投資，但若公司預期有研發支出時，會計保守性亦會促使經理人增加較多的現金持有。本研究以1995 年至2013 年之台灣電子業上市（櫃）公司為研究對象。實證結果發現：(1)相較於資本支出，會計保守性愈高之公司愈不傾向增加研發支出；(2)預期研發支出增加時，會計保守性和現金持有具有正向關聯；(3)相較於預期資本支出增加之公司，預期研發支出增加之公司其會計保守性和現金持有的正向關聯更加強烈。最後，進一步以panel data 模型檢視仍可得到相似之結論。再則，在控制內部資金因素後，本研究之實證結果仍然穩健支持會計保守性對研發支出與現金持有具有影響力。

關鍵字

會計保守性 ； 研發支出 ； 現金持有

並列摘要

This paper investigates the effect of accounting conservatism on R&D expenditures and cash holdings. Relative to capital expenditures, R&D expenditures are riskier so that the likelihood of large losses is higher. Thus, because of the characteristic of accounting conservatism that has the asymmetry of more timely recognition of losses than gains, we hypothesize that accounting conservatism can decrease the incentive of managers to engage in R&D activities. However, accounting conservatism can prompt managers to increase more cash holdings when R&D activities are expected. We use electronic firms listed in TSE and OTC from 1995 to 2013. The results indicate that (1) accounting conservatism is negatively related to the likelihood of increasing R&D expenditures relative to capital expenditures, (2) accounting conservatism is positively related to the change in cash holdings in anticipation of R&D expenditures increasing, and (3) the positive relation between accounting conservatism and the change in cash holdings in anticipation of R&D expenditures increasing is stronger than that in anticipation of capital expenditures increasing. Finally, further analyses show the similar findings using panel data models. Furthermore, controlling the effect of internal funds, the results that accounting conservatism can affect R&D expenditures and cash holdings are robust.

並列關鍵字

Accounting conservatism ； R&D Expenditures ； Cash Holdings

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